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Loan Counselor

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Bachelor's degree

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What They Do

Loan Counselors Career Video

Provides guidance to prospective loan applicants who have problems qualifying for traditional loans. Guidance may include determining the best type of loan and explaining loan requirements or restrictions.

This career is part of the Human Services cluster Consumer Services pathway.

A person in this career:

  • Maintains current knowledge of credit regulations.
  • Contacts applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
  • Counsels clients on personal and family financial problems, such as excessive spending or borrowing of funds.
  • Confers with underwriters to resolve mortgage application problems.
  • Advises students on available financial-aid awards.
  • Analyzes applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Contacts borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
  • Approves loans within specified limits.
  • Assists in selection of financial award candidates using electronic databases to certify loan eligibility.
  • Reviews billing for accuracy.

Working Conditions and Physical Demands

People who do this job report that:

  • You would sit most of the time. There's some walking and standing. You may have to lift and carry things like books, papers or tools weighing 10 lbs. or less.
  • Work in this occupation involves using your hands to hold, control, and feel objects more than one-third of the time
  • Work in this occupation requires being inside most of the time
  • Work in this occupation involves sitting more than one-third of the time

Working in this career involves (physical activities):

  • Seeing clearly up close
  • Speaking clearly enough to be able to be understood by others
  • Identifying and understanding the speech of another person

Work Hours and Travel

  • Regular working hours and limited travel

Specialty and Similar Careers

Careers that are more detailed or close to this career:

  • Commercial Lending Vice President
  • Financial Aid Administrator
  • Financial Aid Advisor
  • Financial Aid Counselor
  • Financial Aid Director
  • Financial Aid Officer
  • Financial Assistance Advisor
  • Financial Counselor
  • Peer Financial Counselor